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DAY 2 - LODGING AN APPLICATION
Day 2 of training focuses on lodging an application. How to create and use Apply Online, upload supporting documents and also using banks serviceability calculators. The training guide can be downloaded here.
1. LEARNING APPLY ONLINE
The first part of the training involves learning how to use the Apply Online program that we use to lodge digital applications to banks. This function becomes available once you create an Opportunity for the client. You will also need to watch the webinar below:
This webinar talks about what Apply Online is, how it works and tips for submitting applications.
2. SCANNING SUPPORTING DOCUMENTS + UPLOADING
This portion of the training goes over how to scan documents and upload them to the relevant systems. This includes to our personal records within Mercury, and also as Supporting Documents within Apply Online.
3. MAKING NOTES IN MERCURY
For compliance purposes we are required to keep comprehensive notes about all interactions with customers relating to their loan. This part of the training involves creating notes.
4. PREPARING BROKER NOTES
Our broker notes provide a summary of the deal itself and are a crucial component of getting the lender to understand how we have structured the loan, and the customer's circumstances. This section focuses on the main elements that we address in the Broker Notes such as Loan Details, LVR and Income. Additionally, it also covers mitigants, which are designed to highlight the strengths of an application.
5. BANK SERVICING CALCULATORS
Serviceability calculators are used to determine whether the clients will be able to sufficiently service the loan according to the banks specifications. These serviceability calculators are available through Mercury, and during this part of the training, you are shown how to access these calculators.